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Science, technology investments paid off in a big way for Oklahoma

Funding cuts have kept science, technology program from boosting Oklahoma’s economy even more, i2E Inc. CEO Scott Meacham says.
by Scott Meacham Published: July 29, 2014
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Oklahoma had a clear vision for its future when the Oklahoma Center for Science and Technology (OCAST) was formed — to create a unique agency focused exclusively on technology-based economic development. Our intention was to diversify Oklahoma’s energy and agriculture-based economy through research, technology transfer, seed capital, and support to advanced manufacturing.

Whether you’re in Austin, Texas; San Jose, Calif.; or Ardmore, these are the cornerstones of every innovation economy. Oklahoma recognized that in the ’80s — it was truly visionary. The return on the state’s investment to date has been approximately 21-to-1.

However, even with these incredible results, we’ve blinked. OCAST’s appropriation has been reduced five times and its appropriation as a percentage of the total state appropriations has fallen every single year since 2008. In this budget cycle, in addition to a 5.5 percent cut, $2 million each was cut from the i2ESeed Capital fund and the Oklahoma Research Support fund.

Here’s something to consider.

If OCAST appropriations had remained at the 2008 level instead of being reduced in the intervening years, that additional state investment alone would have produced an additional $556 million return-on-investment while requiring only an additional $26.5 million in funding (less than 1 percent of the state’s total annual budget).

Oklahoma is losing opportunities to create jobs and wealth because of our lack of investment in science and technology innovation and commercialization.

“We need to invest strategically in science and technology-based commercialization efforts because those things create the high-paying jobs that give us the basis for diversifying and growing our economy,” said Michael Carolina, OCAST executive director. “We can scale at a lower rate, but we are sub-optimizing what we could be doing. There is pent-up demand for health and basic research, investment capital through i2E, and all the new advanced manufacturing technologies from sensors to 3D printing.”

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by Scott Meacham
President and CEO of i2E Inc.
Scott Meacham is president and CEO of i2E Inc., a nonprofit corporation that mentors many of the state’s technology-based startup companies. i2E receives state appropriations from the Oklahoma Center for the Advancement of Science and Technology....
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DID YOU KNOW?

The $13 billion total dollars of venture capital invested in second quarter 2014 marks the largest total quarterly investment since $13.1 billion in the first quarter of 2001.

Source: NVCA

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